Asian stocks fall on SVB concerns
In Japan, Topix took the lead, losing 2.34 percent, and Softbank Group shares were down as much as 3.5 percent. The Nikkei 225, which fell to its lowest point since October last year in Asia’s morning trade, lost 1.91 percent.
South Korea’s Kospi also fell about 2 percent and the Kosdaq fell 2.74 percent. In Australia, the S&P/ASX 200 fell 1.5 percent, largely led by losses in the banking sector. Consumer Confidence of the economy also remained close to historic lows.
Hong Kong’s Hang Seng index fell 1.73 percent, while the Hang Seng Tech index fell nearly 2 percent. In mainland China, the Shanghai Composite Index fell 1.04 percent and the Shenzhen Component Index fell 1.75 percent.
Investors will also closely monitor the US consumer price index for February, which will be announced on Tuesday.